XL Group Announces New Aerospace Capabilities in China
Shanghai, China - December 23, 2014
Shanghai, China - December 22, 2014 – XL Group today announced it can now provide Aerospace insurance solutions in China and to deliver these solutions it has appointed underwriter Catherine Wang, who is based in Shanghai, China.
China’s aviation industry is expected to grow rapidly in the upcoming years; a recent report estimates that by 2020, China’s demand for utility aircraft will hit 10,000, of which 6,000 will be piston-powered, 2,000 turboprop, 500 business jet, 1,000 helicopters, and 500 ‘others’.
The Chinese Society of Aeronautics & Astronautics and the China General Aviation Association believe that the general aviation market in China will reach RMB150 Billion. The Aviation Products industry in China is expected to enjoy significant growth, while the global general aviation industry is expected to reach RMB1.5 trillion.
Additionally, the space industry is expected to enjoy significant economic growth. In 2013, China registered the launch of 20 satellites, 3% of the total launched across the world in that year. China plans to increase this share to 15% by 2020.
Al Xie, XL Group’s Country Manager in China said: “The Chinese aviation market is set to grow exponentially; from a risk perspective we think our local expertise and global experience position us well to support this growth. The appointment of our new underwriter Catherine Wang is part of our strategy to further add capacity and capability to XL Group’s operations across Asia Pacific, broadening our product offering and strengthening our team of first tier underwriters and other insurance professionals.”
Ms. Wang joined XL Group from Marsh (Beijing) Insurance Brokers Co., Ltd where she worked as a Manager in its Aviation and Aerospace Practice. Prior to that, she was with Jiang Tai Insurance Broker Co working in its Space Department.
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